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Transferring the Family Business I Introduction Pinnacle Financial  Form

Transferring the Family Business I Introduction Pinnacle Financial Form

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family business succession planning keep watching to learn ways to transfer your family business to the Next Generation as a business owner you're going to have to decide when will be the right time to step out of the family business and how you will do it there are many state planning tools you can use to transfer your business selecting the right one will depend on whether you plan to retire from the business or keep it until you pass on perhaps you have children or other family members who wish to continue the business after you pass on obviously you'll want to transfer your business to your successors at full value however with potential income gift and estate taxes it takes careful planning to prevent some or all of the business assets from being sold to pay them perhaps leaving a little for your beneficiaries therefore business succession planning must include ways not only to ensure the continuity of your business but also to do so with the smallest possible tax

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